-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HFCJu0kMmRChwPA0PpuCQK61/zQC91EaxHOtcel0CzUpMZz1MExgJMutsxyqXfLp P6WGAMCr9+Su4BhWJgdAZg== 0001193125-08-142403.txt : 20080627 0001193125-08-142403.hdr.sgml : 20080627 20080627124719 ACCESSION NUMBER: 0001193125-08-142403 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080627 DATE AS OF CHANGE: 20080627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FULLER H B CO CENTRAL INDEX KEY: 0000039368 STANDARD INDUSTRIAL CLASSIFICATION: ADHESIVES & SEALANTS [2891] IRS NUMBER: 410268370 STATE OF INCORPORATION: MN FISCAL YEAR END: 1203 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09225 FILM NUMBER: 08921698 BUSINESS ADDRESS: STREET 1: 1200 WILLOW LAKE BLVD CITY: ST PAUL STATE: MN ZIP: 55110-5132 BUSINESS PHONE: 6126453401 11-K 1 d11k.htm HB FULLER THRIFT PLAN 11-K HB Fuller Thrift Plan 11-K
Table of Contents

 

 

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2007

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to            

Commission file number 001-09225

H.B. FULLER COMPANY THRIFT PLAN

H.B. FULLER COMPANY

1200 Willow Lake Boulevard, P.O. Box 64683

St. Paul, Minnesota 55164-0683

 

 

 


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Financial Statements and Supplemental Schedules

December 31, 2007 and 2006

(With Report of Independent Registered Public Accounting Firm Thereon)


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Table of Contents

 

     Page

Report of Independent Registered Public Accounting Firm

   F-l

Statements of Net Assets Available for Benefits

   F-2

Statement of Changes in Net Assets Available for Benefits

   F-3

Notes to Financial Statements

   F-4

Supplemental Schedules

  

I Schedule H, line 4i —Schedule of Assets (Held at End of Year)

   F-12

II Schedule H, line 4j —Schedule of Reportable Transactions

   F-13, 14

 

Note:   Other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.


Table of Contents

Report of Independent Registered Public Accounting Firm

The Plan Administrator

H.B. Fuller Company Thrift Plan:

We have audited the accompanying statements of net assets available for benefits of the H.B. Fuller Company Thrift Plan (the Plan) as of December 31, 2007 and 2006 and the related statement of changes in net assets available for benefits for the year ended December 31, 2007. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006 and the changes in its net assets available for benefits for the year ended December 31, 2007, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets (held at end of year) and reportable transactions as of and for the year ended December 31, 2007 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

By:  

/s/ Virchow, Krause & Company, LLP

  Minneapolis, Minnesota
  June 27, 2008


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Statements of Net Assets Available for Benefits

December 31, 2007 and 2006

 

     2007    2006

Assets:

     

Cash equivalents

   $ 4,656,772    $ 492,327

Investments, at fair value

     173,471,937      191,137,895

Receivables:

     

Employer contributions receivable

     160,602      —  

Trade settlements receivable

     —        196,140

Accrued income

     239,803      78,896
             

Total assets

     178,529,114      191,905,258

Liabilities:

     

Trade settlements payable

     2,212,983      —  
             

Net assets available for benefits

   $ 176,316,131    $ 191,905,258
             

See accompanying notes to financial statements.

 

F-2


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Statement of Changes in Net Assets Available for Benefits

Year ended December 31, 2007

 

Additions:

  

Contributions:

  

Participant contributions

   $ 5,989,732  

Employer contributions

     2,861,229  
        

Total contributions

     8,850,961  
        

Investment income:

  

Interest

     347,892  

Dividends

     1,309,613  

Net depreciation in fair value of investments

     (1,463,004 )

Other income

     656,985  
        

Total investment income

     851,486  
        

Total additions

     9,702,447  
        

Deductions:

  

Participant distributions and withdrawals

     (25,162,356 )

Administrative expense

     (129,218 )
        

Total deductions

     (25,291,574 )
        

Net decrease in net assets available for benefits

     (15,589,127 )

Net assets available for benefits:

  

Beginning of year

     191,905,258  
        

End of year

   $ 176,316,131  
        

See accompanying notes to financial statements.

 

F-3


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

(1) Description of the Plan

The following brief description of the H.B. Fuller Company Thrift Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for more complete information regarding the Plan’s definitions, benefits, eligibility, and other matters.

 

  (a) General

The Plan is a contributory defined contribution plan covering all eligible employees of H.B. Fuller Company (the Employer, Plan Administrator and Plan Sponsor). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

 

  (b) Trustee

The trustee for the Plan is Wells Fargo Minnesota, N.A. (the Trustee).

 

  (c) Eligibility and Contributions

All regular full-time and part-time employees may begin contributing to the Plan as soon as administratively practicable after their date of hire. All qualified employees are immediately eligible for the Employer matching contribution. To become a participant in the Plan, an employee must agree to make contributions equal to 1 percent of pre-tax compensation up to a maximum of 25 percent subject to a statutory maximum of $15,500 for 2007. Participants may also contribute amounts representing rollover distributions from other qualified retirement plans.

The Employer makes contributions to employees’ accounts by matching 100 percent of an employee’s contributions, up to 4 percent of the employee’s eligible compensation in the form of H.B. Fuller Company Common Stock. A participant’s contribution and Employer’s contribution may be invested in any combination of the following participant-directed investment funds or H.B. Fuller Company Common Stock. Other funds include the Wells Fargo Stable Return Fund, PIMCO Total Return Bond Fund, Wells Fargo Advantage Index Fund, Wells Fargo Advantage Small Company Growth Fund, Wells Fargo Advantage Growth Balanced Fund, Janus Twenty Fund, Wells Fargo S&P Midcap Index Fund, Van Kampen Comstock Fund, Dodge & Cox International Stock Fund, Goldman Sachs Small Cap Value Fund and MFS International Growth Fund. A participant’s investment option for past and future contributions can be changed daily. Investment income is allocated to all participants on the basis of their respective account balances at the close of each daily fund valuation.

A participant’s voluntary contribution percentage amount can be changed or suspended at anytime. Employer contributions to the Plan cease during the suspension period.

All employees hired after January 1, 2007 who are not eligible to participate in any defined benefit pension plan are eligible to receive non-elective retirement contributions up to 3 percent of the employee’s eligible earnings. A participant becomes 100 percent vested in the non-elective retirement contributions after three years of credited service to the Employer, or upon age 65, disability, death or termination of the plan.

 

F-4


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

  (d) Participant Accounts

Each participant’s account is credited with (a) the participant’s contribution, (b) the Employer’s contribution, (c) an allocation of the Plan’s investment income, (d) discretionary Employer contributions and (e) rollover contributions. Allocations of the Plan’s investment income are based on account balances, as defined in the Plan document.

 

  (e) Payment of Benefits

On termination of service due to death or retirement, a participant may elect to receive a lump-sum amount equal to the value of the participant’s vested interest in his or her account as defined in the Plan agreement. If the participant terminates employment at the age of 55 or older, with at least 10 years of eligible service, he or she may elect to receive their distribution in installment payments as defined by the Plan agreement. For termination of service due to disability, a participant is eligible for distribution after 12 months of permanent disability. For termination of service due to other reasons, a participant will receive a lump-sum amount equal to the value of the participant’s vested interest in his or her account. The investment in H.B. Fuller Company Common Stock may be withdrawn in the form of shares of stock at the option of the Plan participant.

 

  (f) Vesting

Participants are immediately vested in their contributions and Employer matching contributions plus actual earnings thereon. Vesting in the Company’s non-elective contribution portion of their accounts plus actual earnings thereon is based on years of eligible service. A participant is 100 percent vested after three years of credited service to the Employer, or upon age 65, disability, or death.

 

  (g) Participant Loans

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50 percent of their account balance, whichever is less. The loans are collateralized by the balance in the participant’s account and bear interest at rates equal to the current Wells Fargo Minnesota, N.A. prime rate at the time of the loan (7.25 percent at December 31, 2007). The rate will remain fixed over the term of the loan, usually 5-15 years. Participant loans are collateralized by a borrower’s vested account balance and are repaid through payroll deductions. Participant loans at December 31, 2007 had interest notes ranging from 4.0 percent to 9.5 percent and mature at various dates through 2022. Principal and interest are repaid ratably through payroll deductions.

 

  (h) Forfeitures

Participants who terminate employment with the Employer forfeit the nonvested portion of the Employer’s contribution to the participants’ accounts. Amounts forfeited are used to reduce future Employer contributions. Unused forfeitures at December 31, 2007 and 2006 were $20 and $1,467, respectively. Forfeitures of $54,011 were used to reduce Employer contributions for the year ended December 31, 2007.

 

  (i) Plan Termination

Although it has no intention to do so, the Employer may, at any time, by action of its board of directors, terminate the Plan or discontinue contributions. Upon termination or discontinuance of contributions, all Employer contribution amounts in participant accounts will become fully vested.

 

F-5


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

  (j) Plan Amendments and Other Plan Changes

Effective January 1, 2008, the plan was amended to allow H.B. Fuller Company employees of the Roanoke Companies Group to participate in the plan. Roanoke was purchased by the company in March of 2006. Prior to the amendment, the Roanoke employees were eligible to participate in the RCG 401(k) Plan. The assets remaining in the RCG 401(k) Plan will be distributed to the plan participants in accordance with the provisions of the plan after the RCG plan is terminated. Distributions from the RCG 401(k) Plan may be rolled over into the H.B. Fuller Company Thrift Plan.

 

(2) Summary of Significant Accounting Policies

 

  (a) Basis of Accounting

The accompanying financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles.

 

  (b) Investment Valuation and Income Recognition

The fair values of the Plan’s investments in H.B. Fuller Company Common Stock are based on published quotations. The fair value of investments in pooled, common and collective trust funds is based on the contract value which approximates fair value of each fund at year-end. The fair values of investments in securities of unaffiliated issuers are based on quoted market prices. Securities transactions are recorded on the trade date. The participant loans are valued at their outstanding balances, which approximate fair value.

 

  (c) Interest and Dividends

Interest income is recorded as earned on an accrual basis and dividend income is recorded on the ex-dividend date.

 

  (d) Net Appreciation (Depreciation) in the Fair Value of Investments

The Plan presents in the statement of changes in net assets available for benefits, the net appreciation (depreciation) in the fair value of investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments.

 

  (e) Contributions

Participant contributions are recorded in the period the Employer makes the payroll deductions. Employer-matching contributions are recorded based on participant contributions.

 

  (f) Concentration of Market Risk

At December 31, 2007 and 2006, approximately 35 percent and 46 percent of the Plan’s net assets available for benefits were invested in the common stock of H.B. Fuller Company. The underlying value of the H.B. Fuller Company Common Stock is entirely dependent upon the performance of H.B. Fuller Company and the market’s evaluation of such performance. It is at least reasonably possible that changes in the fair value of H.B. Fuller Company Common Stock in the near term could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.

 

F-6


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

  (g) Distributions to Participants

Distributions to participants are recorded when the distribution is made.

 

  (h) Plan Expenses

The administrative expenses of the Plan are paid by the Plan participants. Certain asset management and administrative fees of the Plan are charged against the Plan’s investment income.

 

  (i) Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of net assets available for benefits and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment earnings and expenses during the reporting period. Actual results could differ from those estimates.

 

  (j) Risks and Uncertainties

The Plan provides for various investment options in any combination of stocks, bonds, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.

 

F-7


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

(3) Investments

Investments, at fair value, include the following at December 31, 2007 and 2006:

 

     2007         2006     

H.B. Fuller Company common stock**,

           

2,752,130 and 3,424,614 shares, respectively

   $ 61,785,319    *    $ 88,423,533    *

Wells Fargo Advantage Index Fund,

           

377,002 and 404,356 shares, respectively

     21,032,967    *      22,538,804    *

Wells Fargo Stable Return Fund,

           

618,776 and 614,974 shares, respectively

     26,523,227    *      25,106,943    *

Wells Fargo Advantage Growth Balanced Fund,

           

430,566 and 403,288 shares, respectively

     12,228,086    *      12,251,895    *

Wells Fargo Advantage Small Company Growth Fund

           

304,612 and 301,081 shares, respectively

     7,371,599         8,321,880   

PIMCO Total Return Bond Fund

           

519,968 and 432,921 shares, respectively

     5,558,460         4,493,719   

Janus Twenty Fund

           

119,671 and 86,839 shares, respectively

     8,867,641    *      4,743,151   

Wells Fargo S&P MidCap Index Fund

           

92,218 and 92,027 shares, respectively

     6,150,043         5,700,171   

Van Kampen Comstock Fund

           

253,741 and 239,842 shares, respectively

     4,435,384         4,616,962   

MFS International Growth Fund

           

236,792 and 198,446 shares, respectively

     6,942,730         5,435,424   

Dodge & Cox International Stock Fund

           

166,698 and 101,797 shares, respectively

     7,671,439         4,444,463   

Goldman Sachs Small Cap Value Fund

           

53,119 and 40,554 shares, respectively

     1,902,182         1,852,517   

Participant loans receivable

     3,002,860         3,208,433   
                   
   $ 173,471,937       $ 191,137,895   
                   

 

* Represents 5% or more of the Plan’s net assets available for benefits at the end of the Plan year.
** Non-participant directed investment, see note 4.

 

F-8


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

During 2007, the Plan’s investments (including gains and losses on investments bought and sold, as well as held, during the year) depreciated in value by $1,463,004 as follows:

 

Wells Fargo Mutual Funds

   $ 1,594,613  

Janus Twenty Fund

     1,951,759  

H.B. Fuller Company Common Stock*

     (8,013,793 )

Wells Fargo Stable Return Fund

     1,382,544  

Wells Fargo S&P Midcap Index Fund

     412,444  

PIMCO Total Return Bond Fund

     188,829  

Van Kampen Comstock Fund

     (204,320 )

Dodge & Cox International Stock Fund

     470,061  

Goldman Sachs Small Cap Value Fund

     (155,655 )

MFS International Growth Fund

     910,514  
        
   $ (1,463,004 )
        

 

* Non-participant –directed investment, see note 4

 

(4) Non-participant-directed Investments

Information about the net assets available for benefits and the significant components of the changes in net assets available for benefits relating to the non-participant-directed investments is as follows at December 31, 2007 and 2006:

 

     2007    2006

Net assets available for benefits:

     

H.B. Fuller Company Common Stock

   $ 61,785,319    $ 88,423,533

Cash and cash equivalents

     2,160,640      504,617

Accrued income

     9,859      2,542
             
   $ 63,955,818    $ 88,930,692
             

 

F-9


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

     Year Ended
December 31,
2007
 

Changes in net asset

  

Contributions

   $ 3,466,448  

Interest

     92,752  

Dividends

     699,000  

Other income

     7,318  

Net depreciation of investments

     (8,013,793 )

Participant distributions and withdrawals

     (7,409,711 )

Net transfers to participant directed investments

     (13,815,299 )

Administrative expenses

     (1,589 )
        
   $ (24,974,874 )
        

 

(5) Tax Status

The Internal Revenue Service has determined and informed the Employer by a letter dated March 19, 2004 that the Plan is designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore no provision for income taxes has been included in the Plan’s financial statements.

 

(6) Related-party and Party-in-interest Transactions

Plan investments include H.B. Fuller Company Common Stock which is invested in shares of common stock of the Employer. H.B. Fuller Company is the plan sponsor and, therefore, these transactions qualify as party-in-interest. Purchases and sales of H.B. Fuller Company Common Stock for the year ended December 31, 2007 amounted to $92,310,419 and $109,635,768, respectively. The fair value of H.B. Fuller Company common stock was $61,785,319 and $88,423,533 at December 31, 2007 and 2006, respectively.

The Plan also invests in various funds managed by Wells Fargo Minnesota, N.A. Wells Fargo Minnesota, N.A. is the trustee as defined by the Plan and, therefore, the related transactions qualify as party-in-interest. The Trustee is authorized to invest in securities under its management and control on behalf of the Plan. During 2007, the Trustee made purchases and sales of such securities amounting to $131,860,426 and $135,863,798, respectively.

The plan allows participants to borrow from their fund accounts and, therefore, these transactions qualify as a party-in-interest. Participant loan balances were $3,002,860 and $3,208,433 at December 31, 2007 and 2006, respectively.

 

F-10


Table of Contents

H.B. FULLER COMPANY THRIFT PLAN

Notes to Financial Statements

December 31, 2007

 

(7) Pending Accounting Pronouncements

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements,” (SFAS 157), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value, and therefore, does not expand the use of fair value in any new circumstances. Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the Plan transacts. SFAS 157 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. SFAS 157 requires fair value measurements to be separately disclosed by level within the fair value hierarchy. While not expanding the use of fair value, SFAS 157 may change the measurement of fair value. Any change in the measurement of fair value would be considered a change in estimate and included in the results of operations in the period of adoption. SFAS 157 is effective for fiscal years beginning after November 15, 2007. Accordingly, the Plan expects to adopt the provisions of SFAS 157 for the year ended December 31, 2008. The Plan does not expect the adoption of the provisions of SFAS 157 to have a material effect on the Plan’s financial condition and results of operations.

 

F-11


Table of Contents

Schedule I

H.B. FULLER COMPANY THRIFT PLAN

Schedule H, line 4i —Schedule of Assets (Held at End of Year)

December 31, 2007

EIN 41-0268370

Plan Number 003

 

(a)

  

(b) Identity of issuer, borrower,
or similar party

  

(c) Description

   Units/
Shares
   (d) Cost     (e) Current
value

*

  

Wells Fargo
Minnesota, N.A.

  

H.B. Fuller Company
Common Stock

   2,752,130    $ 64,401,476     $ 61,785,319

*

  

Wells Fargo
Minnesota, N.A.

  

Stable Return Fund
Pooled, Common, and Collective

   618,776      * *     26,523,227

*

  

Wells Fargo
Minnesota, N.A.

  

Advantage Index Fund
Common Stock

   377,002      * *     21,032,967

*

  

Wells Fargo
Minnesota, N.A .

  

Advantage Growth Balanced Fund
Mutual Fund – Balanced

   430,566      * *     12,228,086

*

  

Wells Fargo
Minnesota, N.A.

  

Advantage Small Company Growth
Fund, Common Stock

   304,611      * *     7,371,599
  

Wells Fargo
Minnesota, N.A.

  

PIMCO Total Return Bond Fund
Corporate Bonds

   519,968      * *     5,558,460
  

Wells Fargo
Minnesota, N.A.

  

Janus Twenty Fund
Common Stock

   119,671      * *     8,867,641

*

  

Wells Fargo
Minnesota, N.A.

  

S&P Midcap Index Fund
Pooled, Common and Collective

   92,218      * *     6,150,043
  

Wells Fargo
Minnesota, N.A.

  

Van Kampen Comstock Fund
Common Stock

   253,741      * *     4,435,384
  

Wells Fargo
Minnesota, N.A.

  

Dodge & Cox International Stock
Fund, Common Stock

   166,698      * *     7,671,439
  

Wells Fargo
Minnesota, N.A.

  

Goldman Sachs Small Cap Value
Fund, Common Stock

   53,119      * *     1,902,182
  

Wells Fargo
Minnesota, N.A.

  

MFS International Growth Fund
Common Stock

   236,792      * *     6,942,730

*

  

Participant loans

  

Participant loans receivable, interest
at 4.0% to 9.5%, due at various
dates through 2022

      $ —         3,002,860
                 
     

Total investments

        $ 173,471,937
                 

 

* Represents party-in-interest.
** Cost omitted for participant directed investments

See accompanying report of independent registered public accounting firm.

 

F-12


Table of Contents

Schedule II

H.B. FULLER COMPANY THRIFT PLAN

Schedule H, line 4j —Schedule of Reportable Transactions*

Year ended December 31, 2007

EIN 41-0268370

Plan Number 003

Five percent of series of transaction by security issue:

 

     Number of    Total dollar amount    Transaction
cost
   Expenses
Incurred
   Net gain

Security issue

   Purchases    Sales    Purchases    Sales         

H.B. Fuller Company

   68       $ 92,310,419       $ 92,310,419    $ 101,435   

Common Stock

      75       $ 109,635,768      74,078,380      122,199    $ 35,557,388

Wells Fargo Stable Return

   118         119,554,697         119,554,697      —     

Fund, Pooled, Common and Collective

      132         119,520,955      117,453,612      —        2,067,343

Wells Fargo Short Term

   181         169,067,593         169,067,593      —     

Investment Fund

      181         164,917,287      164,917,287      —        —  

Dodge & Cox International

   138         6,759,264         6,759,264      —     

Stock Fund

      72         3,870,978      3,430,837      —        440,141

Five percent of series of transaction by broker:

 

Broker

  

Description

   Principal
Cash
   Expense
Incurred
with
Transaction
   Transaction
Cost
   Net Gain

AG Edwards and Sons Inc.

  

H.B. Fuller Common Stock Fund, Common Stock

   $ 19,980,839    $ 21,764    $ 15,735,432    $ 4,245,407

Bernstein Sanford C. & C

  

H.B. Fuller Common Stock Fund, Common Stock

     30,115,626      31,852      23,899,319      6,216,307

JP Morgan Securities Inc.

  

H.B. Fuller Common Stock Fund, Common Stock

     35,485,323      38,905      29,732,397      5,752,926

 

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Jefferies & Company

  

H.B. Fuller Common Stock Fund, Common Stock

   9,848,204    10,251    7,177,327    2,670,877

Lehman Brothers Inc.

  

H.B. Fuller Common Stock Fund, Common Stock

   21,069,301    23,185    19,355,604    1,713,697

Merrill Lynch Pierce Fenner

  

H.B. Fuller Common Stock Fund, Common Stock

   41,648,681    47,538    34,295,127    7,353,554

RBC Capital Markets

  

H.B. Fuller Common Stock Fund, Common Stock

   15,439,970    17,870    14,372,928    1,067,042

Citigroup Global Markets Inc.

  

H.B. Fuller Common Stock Fund, Common Stock

   24,004,132    27,387    19,098,779    4,905,353

 

* Transactions or series of transactions in excess of 5 percent of the Plan’s assets at January 1, 2007, as defined in 29 CFR 2520.103-6 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ER1SA.

See accompanying report of independent registered public accounting firm.

 

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EXHIBITS

The following documents are filed as exhibits to this Report:

 

Exhibit No.

 

Document

(23)   Consent of Independent Registered Public Accounting Firm

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    H.B. FULLER COMPANY THRIFT PLAN
Date: June 27, 2008     By:  

/s/ Mary Lehnert

      (Plan administrator)
EX-23 2 dex23.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Consent of Independent Registered Public Accounting Firm

Exhibit 23

Consent of Independent Registered Public Accounting Firm

The Plan Administrator

H.B. Fuller Company Thrift Plan:

We consent to incorporation by reference in the Registration Statements on Form S-8 (No. 333-127069 and 333-24703) of the H.B. Fuller Company of our report dated June 27, 2008 with respect to the statements of net assets available for benefits of the H.B. Fuller Company Thrift Plan as of December 31, 2007 and 2006, the related statement of changes in net assets available for benefits for the year ended December 31, 2007, and the related supplemental schedules as of and for the year ended December 31, 2007, which report appears elsewhere in this December 31, 2007 annual report on Form 11-K.

 

By:  

/s/ Virchow, Krause & Company, LLP

Minneapolis, Minnesota
June 27, 2008
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